Registered number
10851265
Funky Tastebudds Limited
Filleted Accounts
30 June 2023
Funky Tastebudds Limited
Registered number: 10851265
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 33,051 33,199
Current assets
Stocks 17,560 9,159
Debtors 4 9,622 5,334
Cash at bank and in hand 7,248 26,740
34,430 41,233
Creditors: amounts falling due within one year 5 (27,701) (31,033)
Net current assets 6,729 10,200
Total assets less current liabilities 39,780 43,399
Creditors: amounts falling due after more than one year 6 (35,645) (41,312)
Provisions for liabilities (2,088) (1,326)
Net assets 2,047 761
Capital and reserves
Called up share capital 1 1
Profit and loss account 2,046 760
Shareholder's funds 2,047 761
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Kai Underwood
Director
Approved by the board on 20 March 2024
Funky Tastebudds Limited
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over 10 years
Plant and machinery over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 7 7
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 July 2022 41,630 13,800 55,430
Additions - 8,469 8,469
At 30 June 2023 41,630 22,269 63,899
Depreciation
At 1 July 2022 15,407 6,824 22,231
Charge for the year 4,163 4,454 8,617
At 30 June 2023 19,570 11,278 30,848
Net book value
At 30 June 2023 22,060 10,991 33,051
At 30 June 2022 26,223 6,976 33,199
4 Debtors 2023 2022
£ £
Directors' loan account 9,622 2,917
Other debtors - 2,417
9,622 5,334
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 5,667 5,527
Trade creditors 3,858 6,435
Taxation and social security costs 10,400 11,285
Other creditors 7,776 7,786
27,701 31,033
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 35,645 41,312
7 Operating leases 2023 2022
£ £
The total of future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than 1 year 20,000 20,000
Later than 1 year and not later than 5 years 80,000 80,000
Later than 5 years 34,166 54,166
Total future minimum payments under non-cancellable operating leases 134,166 154,166
Included within rent are lease payments totalling £20,000.
8 Other information
Funky Tastebudds Limited is a private company limited by shares and incorporated in England. Its registered office is:
36 Stokes Croft
Bristol
BS1 3QD
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